by Suman Gupta
An Online Term Plan that is more than just a term plan
- A comprehensive Online Term Insurance Plan with customized options to cover different types of uncertainty
- Provides additional protection at the same cost as a simple term plan
- Each of the 4 options can be further enhanced by adding a critical illness and disability rider that covers 16 critical illnesses and permanent total disability (due to illness or accident)
Jun , 2017, New Delhi: Aviva Life Insurance, one of India’s leading private insurance companies, today announced the launch of ‘Aviva i-Life Total’ – an online term plan with a range of options to choose from. This tailor-made plan keeps the customer at the heart and enables the customer to select a solution that fits his/her specific needs.
Aviva i-Life Total is a distinctive online insurance plan that provides the option of Additional Benefits built into the product. The customer can customize his plan according to his distinct needs in the same price as the simple Term Insurance plan.
The 4 options enable the customer to secure his loved ones in case of a terminal illness, accidental death, benefit at maturity or monthly income in case of death. Each of these options can be enhanced by adding a Critical Illness and Disability Rider that covers 16 critical illnesses and permanent total disability (due to illness or accident). This product takes care of the different risks associated with critical illness, accidents or disability at a nominal cost.
Commenting on the launch, Ms. Anjali Malhotra, Chief Customer Marketing and Digital Officer, Aviva Life Insurance said, “Research shows that India is a grossly underinsured market. Though the ideal term insurance for an individual has to be 10 times his/her earning capacity, there is a massive gap here. As per WHO Global Health Expenditure report, in India, 85.9% of all private health expenditure was paid out of pocket by individuals, and 31% of all hospitalisations in urban areas are financed by loans or sale of assets. Thus, it becomes imperative for customers to not just buy a plain Term Insurance Plan, but to get a truly differentiated Term Insurance Plan – a plan that presents them with additional benefits to take care of unforeseen expenditures. ‘Aviva i-Life Total’ gives you the control to acquire and access your insurance policy online, while meeting your specific requirements to secure the life goals of your loved ones
The exclusive feature of ‘Aviva i-Life Total’ is that customers can choose their insurance cover from– Protect, Protect Plus, Protect Assured, and Protect Income Options– with additional protection against critical illness and permanent total disability through an optional rider, along with option to increase the amount of cover, when responsibilities increase.
How Does The Plan Work?
There are four options available with ‘Aviva i-Life Total’ insurance plan:
- Protect: Death Benefit with terminal illness benefit
- Protect Plus: Double the Sum Assured paid out on accidental death
- Protect Assured: Death Benefit with 120% of total premiums at maturity
- Protect Income: Monthly Income for the family in case of death
- This option provides life cover along with in-built Terminal Illness benefit
- Sum Assured is payable on death of the Life Insured
- In case of terminal illness, an immediate payout is made to Life Insured
– The payout is 50% of the Sum Assured, subject to maximum of Rs. 1 crore per life
– Balance amount of Sum Assured is payable on death of the insured
– All future premiums are waived after the claim is paid for Terminal Illness
- This option provides life cover with additional coverage for accidental death
- In case of death due to an accident, double the Sum Assured is paid to the nominee
- In case of non-accidental death, 100% of Sum Assured is paid to the nominee
- This option provides life cover with pay-out of 120% of total premiums paid on survival till maturity
- Sum Assured is payable on death of the Life Insured
- This option provides a regular monthly income to the nominee for a period of 10 years to 57 years on death of the Life Insured, depending upon age.
- Policyholder needs to opt for a Regular Monthly Income (RMI) amount at the time of inception of the policy. This amount increases by 5% every year during survival as well as during the death benefit pay-out period.
- The income pay-out starts from the 1st day of month immediately following death of insured and continues for the outstanding policy term, i.e. till the original maturity date of the policy
The Aviva Critical Illness & Disability Rider
This rider offers the option to enhance protection by adding Aviva Critical Illness & Disability rider to the base plan, which covers 16 critical illnesses & Permanent Total disability (due to illness or accident)
- This is a stand-alone rider where Rider SA is paid on contracting any of the 16 illnesses covered or Total Permanent Disability, due to illness or accident, covered under this rider
About Aviva India
- Aviva India is a joint venture between Dabur Invest Corp (DIC) and Aviva International holdings Limited (AIH) – a UK based insurance group, whose association with India dates back to 1834. DIC holds 51% of the share capital while AIH holds 49% of the share capital.
- Aviva in India has 121 branches and over 10,000 FPA’s.
- Aviva India’s CSR program ‘Street to School’ focuses on empowering underprivileged children through education.
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